RIL Ready for Next Level of Growth: Chairman Mukesh Ambani in Annual Report

Reliance Industries Ltd (RIL), the oil-to-telecom conglomerate, has consolidated its balance sheet after the previous round of capital expenditure (capex) and is ready for the next level of growth, said Mukesh Ambani in RIL’s latest annual report.

Ambani, the chairman and managing director of RIL, also said the company became India’s first company to cross Rs 20 lakh crore in market capitalisation.

“Reliance’s contribution to the national exchequer swells to ₹1.86 lakh crore for FY24,” he said.

Capital expenditure for the year stood at Rs 1,31,769 crore ($15.8 billion) as against Rs 1,41,809 crore in the previous year. This expenditure was directed towards network expansion in the digital services segment, scaling up the retail business, increasing production capacities in the Oil and Gas segment, and projects in the O2C vertical.

The company in a statement said the capex was well covered by internal cash generation during the year.

Reliance’s gross debt stood at Rs 3,24,622 crore ($38.9 billion).

“The global economic scenario remained volatile causing considerable headwinds. But strategic depth of our businesses, talented business teams, and resilient domestic markets helped Reliance navigate the obstacles,” Ambani said.

Importantly, all the business segments of RIL have contributed to the growth in earnings. “Our strong balance sheet is a testament to our prudent business and financial management strategies which help us maximise cash profits.”

Speaking about the Oil and Gas division of Reliance, Ambani said the business has performed an outstanding job in strengthening India’s energy security. With the commissioning of MJ Field, the KG-D6 block now accounts for 30% of India’s domestic gas production.

Reliance will convene the 47th Annual General Meeting (AGM) on August 29 at 2 pm, the company had earlier said in a statement on exchanges.

Mukesh Ambani, Chairman of Reliance Industries, will address the shareholders during the AGM.

The shares of Reliance Industries Ltd on Wednesday rose Rs 17.4 or 0.6 per cent to close at Rs 2,929.2 apiece on the BSE.